Mumbai: Overseas borrowings of Indian companies grew to USD 1.51 billion in September, a rise of 38 percent month-on-month, reflecting improving domestic demand and better availability of credit abroad.
On a quarterly basis, the funds raised internationally
increased by 70 percent in the September quarter to USD 4.61
billion from USD 2.71 billion registered in the June quarter,
according to the data released by the Reserve Bank on Thursday.
Funds raised through External Commercial Borrowings (ECB)
and Foreign Currency Convertible Bonds (FCCB) in September
stood at USD 1.51 billion, higher than USD 1.09 billion in
August, the central bank said in a statement.
However, borrowings in September this year was down by
about 47 per cent from the same period last year, when it was
at USD 2.83 billion.
Of the total borrowings of USD 1.51 billion during
September, the amount raised under the automatic route stood
at USD 332 million and through the approval route at USD 1,177
million.
External commercial borrowings that started dipping from
December quarter last year, rose to the highest in September
quarter after declining for three consecutive quarters.
Total borrowings in December 2008 quarter stood at USD
4.50 billion, it fell to USD 2.90 billion in following March
2009 quarter, and further to USD 2.71 billion in June quarter.
Bureau Report
First Published: Thursday, October 22, 2009, 21:20